FABM1

It is called the book of original entry.

• ledger

• receipt

• worksheet

• journal

What is the first step in the Accounting Cycle?

• Identifying and Analyzing

• Posting

• Journalizing

• Unadjusted Trial Balance

The following situations are examples of non-financial transactions EXCEPT.

• Orientation of newly-hired employees

• Received payment from customers on account

• Posting of advertisements in the city

• Awarding of recognition to the business

July 29 He paid P10,000 for the monthly rent of the place.

What is the reason from this statement?

• To record payment of house.

• To record payment of bill.

• To record payment of rent.

• To record payment of land.

This is what the line items of the ledger are called.

• original entries

• adjusting entries

• journal entries

• ledger entries

Account Title: Cash Account No. 101

How much is the Total Balance for Cash?

• P 63,000

• P 63,500

• P 64,000

• P 64,500

All the steps in the accounting process including analyzing and recording

transactions, posting entries and adjusting.

• Trial Balance

• T-Account

• Chart of Accounts

• Accounting Cycle

How much is the total amount of this Trial Balance?

• P 121,500

• P 122,000

• P 122,500

• P 123,000

The following are the simple steps in preparing the trial balance EXCEPT

• Indicate in the heading (centered) the details of the trial balance

  (name of the business, the term “Trial Balance”, and the date).

• List the open accounts and their balances.

• Total the debit and credit columns.

• Choose the proper column from which you will enter the information.

These are expenses that are already paid but not yet incurred or used.

• Bad Debts

• Prepayments

• Depreciation

• Deferrals